Posted 9/25/2022 21:04 (#9861088 - in reply to #9860983) Subject: RE: market turns
Not sure if tax law has changed, but in the 80's if you sold the land on a contract for deed at 1500 per acre and then the buyer forfeits it back to you when land is valued at 500 per acre the you owed regular income tax on the 1000 per acre of unrealized gain.
It was one of the reasons for the claw back on bank writedowns as it was explained to me.
market turns
